Xcelsius Fail on Startup

Recently installed Xcelsius 2008 SP4 on Windows 7 machine with Office 2010 32 bit installed. Installation went fine, but i get the "An error occurred while communicating with Microsoft Excel. To prevent further data corruption, Xcelsius must close." message every time I open the app. I tried the suggestions in the forum, namely making sure no Excel processes are running via the Task Manager (there aren't any), running the app as Admin (no luck) and registering the Ole32.dll which I did but to no avail. Xcelsius never launches, I just see the splash screen and this error, clicking through the error closes the app.

Has anyone successfully solved this issue?